Why Co-Working Works So Incredibly Well
You may have heard of co-working. It’s being part of a community where you share ideas, office resources, and costs. In the medical device, biotech, and life science sectors the advantages can be game changing. Let’s find out why members of these collaborative environments do so well.
It’s A Hive Thing
When you join a co-working ecosystem, you join a community. Even though you maintain your independence, you regularly rub elbows with other innovators. This means you might pick up great design ideas or get quick solutions to supply chain questions.
The startup, co-work mentality means that every member is cheering for each other’s success. Everybody learns and teaches simultaneously which ends up benefitting the entire community.
You might even stumble upon great talent that you can team up with in a more formal manner. This allows your enterprise to evolve into something stronger and more versatile.
Co-working means sharing digs with some of the most talented visionaries in the industry. You might even be one yourself, and the sum of the moving parts carries tremendous weight.
Not Just Small Players
Given that a large sector of society today works at a distance, many co-work spaces have members employed by global corporations. Don’t be surprised if you bump into a research or development expert from one of the biggest names in the industry.
You’re The Boss
In some incubator or accelerator programs, barriers to entry might be complicated. In co-working, all you need is the desire to innovate and succeed. Plus, you retain all ownership of your projects and intellectual property. Nobody makes a claim to your research and development but you.
Even though the central benefit goes way beyond cost, nobody can deny this advantage. When you share space, your utility bills and rent go down. At the best locations, you have access to resources, like a quality research lab, otherwise only available at top medical centers or universities.
Reduced Time To Market
The race to get to market is significantly shorter when you can move into a fully equipped office with state-of-the-art lab access now. You don’t have to hook up the Internet or call utility companies. You just show up, plug in, and get to work.
Time savings come from the community too since collective knowledge makes resources easier to locate and identify.
Won’t They Be Mean To Me?
The medical device, biotech, and life science industries are intensely competitive. Of course, there will always be those who prefer to work in a secretive bubble, afraid to reach out. This position only stifles progress and growth.
The pioneers and innovators know that collaborating with others is a win-win situation. The reality is that collaboration dramatically increases your chances for success.